Abbott Laboratories entered into a definitive agreement to acquire Cardiovascular Systems, Inc. from The Vanguard Group, Inc. and others for approximately $880 million.
The transaction Is subject to the approval of CSI stockholders, the expiration or termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the satisfaction of customary closing conditions, including applicable regulatory approvals. The transaction has been unanimously approved by the boards of directors of CSI and Abbott. CSI shareholders meeting is scheduled on April 27, 2023. Upon close, the transaction is expected to be neutral to Abbott's recently issued 2023 ongoing earnings per share guidance.
J.P. Morgan Securities LLC is serving as financial advisor with a service fee of $13.5 million and fairness opinion provider with a service fee of $2 million to CSI. Olivia Tyrrell, Derek Liu, Thomas Asmar, Elizabeth Ebersole, Jessica Wicha, Adam Aft, Sarah Winston, Julia Medynskaya, Ye Cecilia Hong, Jon Ebner and Piotr Korzynski of Baker & McKenzie LLP acted as legal advisors to Abbott. Robert Rosenbaum and Jonathan Van Horn of Dorsey & Whitney LLP acted as legal advisors to CSI. Broadridge Corporate Issuer Solutions, Inc. acted as transfer agent while D.F. King & Co., Inc. acted as information agent with a service fee of $15,000 to CSI.